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WTI Options Liquidity During European Morning Hours

Highlights:

  • A record 83% of WTI Options (LO) volume electronically traded in April
  • WTI Options (LO) volume is up 56% YoY during European morning hours,
  • 44% of total WTI Options (LO) electronic volume is a result of on-screen spread trading via RFQ

New Expiration Rules for Options

Highlights:

The new options expirations rules include the elimination of contrary exercise instructions for all physically-settled Crude Oil, Natural Gas, Refined Products, and Metals options contracts that expire after January 1, 2018.  Brent (BZO), Coal, Power, and Emissions options are excluded.

In addition, for exact at-the-money settlements, the auto-exercise rule has changed. If the underlying settlement price falls exactly on a strike price at expiration, the at-the-money calls will be exercised and the at-the-money puts will be abandoned.

For More Information:

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Options Crude Oil NYMEX 300,875 2,736,459
LN LNE - LN Natural Gas Options (European) Natural Gas NYMEX 45,347 1,843,930
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Options Crude Oil NYMEX 32,200 446,050
7A B7A - 7A Light Sweet Crude Oil (WTI) Financial 1 Month Spread Options Crude Oil NYMEX 9,100 146,475
BV ABV - BV WTI-Brent Crude Oil Spread Options Crude Oil NYMEX 6,436 230,940
BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 5,710 263,341
LO4 LO4 - LO4 Crude Oil Weekly Options Wk 4 Crude Oil NYMEX 4,574 0
ON ON - ON Natural Gas Options (American) Natural Gas NYMEX 3,974 117,827
LO5 LO5 - LO5 Crude Oil Weekly Options Wk 5 Crude Oil NYMEX 2,570 3,668
OH OH - OH NY Harbor ULSD Option Refined Products NYMEX 2,164 46,903
Trade Date: 22 Jun 2018 | PRELIMINARY

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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